Recording the inventory opening balances stocktake

Transcription

1 Chapter 7: nventory 7.55 Revision xercise 3 This exercise requires you to complete the setup of MYOB AccountRight Plus for Botany Bay Bikes. The company decided to convert their present manual system of bookkeeping to MYOB AccountRight Plus beginning on May 1, You will open the QuickStart data file to allow the remainder of their conversion to MYOB AccountRight Plus to take place. Opening a QuickStart data file 1 Copy the QuickStart data file named Bike.MYO to your MYOB Data folder, and then rename it as Bike - Your ame.myo. 2 Start MYOB AccountRight Plus, and then open the Bike - Your ame.myo data file. diting Company nformation Make the following alteration to the company information for Botany Bay Bikes. 3 Change the company name to Botany Bay Bikes - Your ame, and then click on OK to return to the Command Centre window. Bike UTeach 01.MYO Creating inventory items using tems ist 4 Create new inventory items using the tems ist function and the details in the table following. P R O F B U Y S tem # ame ight Mountain Heavy Fast Racing Speed Off Fast Road Mountain Racing Road Buy This tem Sell This tem nventory This tem Cost of Sales Account ncome Account Asset Account Buying Unit of Measure umber of tems per Tax Code When Bought ST ST ST ST ST ST Minimum evel Primary Supplier Up Hill Bikes Up Hill Bikes Bikes R Us Bikes R Us Up Hill Bikes Bikes R Us Supplier tem umber Default Reorder Quantity Base ($) Unit of Measure umber of tems per Tax Code When Sold ST ST ST ST ST ST s are Tax nclusive Calculate Sales Tax on

2 7.56 MYOB AccountRight Plus v19.7 Recording the inventory opening balances stocktake 5 Record the opening stocktake for each stock item on 1/05/2015, using the details provided in the table. tem # Quantity Counted Unit Cost ($) Preparing reports 6 When you have completed the stocktake, prepare a Trial Balance using May as the Selected Period and This Year (FY 2015) as the Financial Year (see Figure 7.59 below), and save the report as Bike_01.pdf. 7 Check that both the current month and year-to-date (YTD) figures exactly match those shown below in Figure Figure 7.59 Trial Balance as at May 1, 2015 Auto-building inventory items As was first mentioned in the Practice xercise for this chapter, auto-building inventory is a twostep process. Firstly, you will specify what current items are required to create the auto-build item. Secondly, you will build a quantity of that item using the Auto-Build nventory function. Creating an auto-build item Botany Bay Bikes would like to sell a Training Kit (item #401). 8 Using the information below create the auto-build item. Buy This tem is not to be ticked here. This item has been built, but not purchased. P R O F S tem # 401 ame Training Kits Buy This tem Sell This tem nventory This tem Cost of Sales Account ncome Account Asset Account Base ($) 3000 Unit of Measure 1 umber of tems per 1 Tax Code When Sold ST s are Tax nclusive Calculate Sales Tax on

3 Chapter 7: nventory 7.57 The Auto-Build details for this item are as follows: Minimum evel for Restocking Alert 2 Training Kits is made up of the following items: tem # ame Qty 102 Heavy Mountain Speed Racing Fast Road 1 Using the Auto-Build nventory function 9 Auto-build eight (8) of the Training Kits (item #401) on 1/05/2015. Recording transactions for the month of May The table below shows all transactions occurring in the month of May Before you begin to record these transactions, read the notes that follow. Buying and selling prices of specific inventory items will vary throughout this exercise. Take great care to ensure that prices are adjusted when necessary. For all purchases (including returns and adjustments), the Purchase # and Supplier nv # are to be the same as each other. For sales invoices, the Customer PO# should be left blank. Use the default Memo (Journal Memo) unless otherwise specified. 10 Record all transactions from the table below and over page. Date Transaction 2/05/2015 Sold to Berny s Bikes on invoice #701 1 x item $750 3 x item $850 4 x item $1,000 3 x item $1,400 3/05/2015 Purchased from Up Hill Bikes on invoice # x item $ x item $425 5/05/2015 Sold to Bundaberg Bikes on invoice #702 2 x item $800 2 x item $950 1 x item $3,000 6/05/2015 Purchased from Bikes R Us on invoice #665 3 x item $500 3 x item $710 2 x item $390 Freight $50 7/05/2015 Cash sale to Bundaberg Bikes on invoice #703 1 x item $2,900 Full amount = Paid Today, Payment Method = Cheque 8/05/2015 Sold to Berny s Bikes on invoice #704 2 x item $1,400 2 x item $800 3 x item $900 8/05/2015 Cash sale to Bundaberg Bikes on invoice #705 2 x item $745 3 x item $865 1 x item $3,000 Freight $25 Full Amount = Paid Today, Payment Method = Cheque

4 7.58 MYOB AccountRight Plus v19.7 Date Transaction 10/05/2015 Returned 1 x item $500 to Bikes R Us Adjustment note #907, Journal Memo Purchase Return; Bikes R Us Settle against invoice #665, Memo Settle Purchase Return Bikes R Us: Debit from /05/2015 Purchased from Up Hill Bikes on invoice # x item $ x item $ x item $450 13/05/2015 Auto-build a further 8 x item #401 Training Kits 15/05/2015 Bundaberg Bikes returned the following damaged stock items: 1 x item $800 Adjustment note #175, Journal Memo Sales Return; Bundaberg Bikes Settle against invoice #702, Memo Settle Sales Return Bundaberg Bikes: Credit from 175 Write off the Damaged tem nventory adjustment, using Shrinkage/Spoilage Memo for this adjustment is Damaged good returned 17/05/2015 Sold to Berny s Bikes on invoice #706 3 x item $1,000 2 x item $1,350 4 x item $900 19/05/2015 Sold to Bundaberg Bikes on invoice #707 2 x item $750 3 x item $850 1 x item $800 21/05/2015 Returned 1 x item $710 to Up Hill Bikes Adjustment note #918, Journal Memo Purchase Return; Up Hill Bikes Settle against invoice #894, Memo Settle Purchase Return Up Hill Bikes: Debit from /05/2015 Purchased from Bikes R Us on invoice # x item $ x item $ x item $425 26/05/2015 Purchased from Up Hill Bikes on invoice #908 4 x item $ x item $425 31/05/2015 Sold to Bundaberg Bikes on invoice #708 2 x item $750 2 x item $850 3 x item $800 31/05/2015 Sold to Bundaberg Bikes on invoice # x item $3,000 You only have 13 #401 Training Kits in stock. When the backorder list window appears, select the option to Build and build 8 new Training Kits. When you return to the Sales nvoice window, click on Record. This will leave you with 6 in stock. Recording the end of period stocktake 11 Record the physical stocktake on May 31, using the information supplied. A physical stocktake on May 31, 2015 determined the following: tem # Quantity Counted The Default Adjustment Account is Shrinkage/Spoilage. There is a stock gain of 1 unit on item #102, and a loss of 1 unit on item #202.

5 Chapter 7: nventory 7.59 Preparing and printing reports 12 Prepare the following reports, and then check them against the solutions on your DVD. Prepare a Trial Balance, Selected Period: May; Financial Year: This Year (FY 2015). Save the report as Bike_02.pdf. Prepare a Standard Balance Sheet, Selected Period: May; As of: 31/05/2015. Save the file as Bike_03.pdf. Prepare the tems ist Summary, before you display the tem ist Detail report make sure that the option nclude tems shows All selected in the Report Customisation tem ist Summary window. Save the file as Bike_04.pdf. Prepare the tems ist Detail, before you display the tem ist Detail report make sure that the option nclude tems shows All selected in the Report Customisation tem ist Summary window. Save the file as Bike_05.pdf. Prepare the nventory Journal (1/05/2015 To 31/05/2015). Save the report as Bike_06.pdf. Combining all reports into a single pdf Your reports for this exercise should comprise Bike_01.pdf to Bike_06.pdf inclusive. 13 Combine all of Bike_01.pdf through to Bike_06.pdf into a single file named Bike_all.pdf. You may now close this data file and exit MYOB AccountRight Plus. xiting MYOB AccountRight Plus 14 Close the Botany Bay Bikes data file and exit MYOB AccountRight Plus. Revision xercise 3 is now complete.